Washington Trust Bancorp (WASH) Stock Rating Lowered by BidaskClub

Washington Trust Bancorp (NASDAQ:WASH) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a note issued to investors on Saturday.

Separately, Compass Point cut Washington Trust Bancorp from a “buy” rating to a “neutral” rating in a research note on Tuesday, October 24th.

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Shares of Washington Trust Bancorp (NASDAQ:WASH) opened at $53.60 on Friday. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 2.02. Washington Trust Bancorp has a fifty-two week low of $47.00 and a fifty-two week high of $59.10. The firm has a market capitalization of $923.04, a P/E ratio of 18.79 and a beta of 0.74.

Washington Trust Bancorp (NASDAQ:WASH) last issued its quarterly earnings results on Monday, October 23rd. The financial services provider reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.01. Washington Trust Bancorp had a return on equity of 12.44% and a net margin of 23.63%. The firm had revenue of $47.34 million for the quarter.

In other Washington Trust Bancorp news, Director Katherine W. Hoxsie sold 2,000 shares of the stock in a transaction on Thursday, October 26th. The stock was sold at an average price of $56.31, for a total transaction of $112,620.00. Following the sale, the director now owns 24,892 shares of the company’s stock, valued at approximately $1,401,668.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Dennis L. Algiere sold 950 shares of the stock in a transaction on Thursday, October 26th. The shares were sold at an average price of $56.60, for a total value of $53,770.00. Following the sale, the senior vice president now directly owns 9,783 shares in the company, valued at approximately $553,717.80. The disclosure for this sale can be found here. Insiders have sold a total of 11,580 shares of company stock worth $640,449 in the last ninety days. Insiders own 2.58% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. lifted its holdings in shares of Washington Trust Bancorp by 187.5% during the 2nd quarter. Principal Financial Group Inc. now owns 1,094,945 shares of the financial services provider’s stock valued at $56,445,000 after purchasing an additional 714,155 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Washington Trust Bancorp by 79.8% during the 2nd quarter. JPMorgan Chase & Co. now owns 229,930 shares of the financial services provider’s stock valued at $11,852,000 after purchasing an additional 102,068 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Washington Trust Bancorp by 22.1% during the 2nd quarter. Franklin Resources Inc. now owns 489,191 shares of the financial services provider’s stock valued at $25,218,000 after purchasing an additional 88,500 shares during the last quarter. Thrivent Financial For Lutherans purchased a new stake in shares of Washington Trust Bancorp during the 2nd quarter valued at $2,607,000. Finally, PDT Partners LLC purchased a new position in Washington Trust Bancorp in the 2nd quarter worth $825,000. 55.09% of the stock is currently owned by institutional investors and hedge funds.

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About Washington Trust Bancorp

Washington Trust Bancorp, Inc is a bank holding company and financial holding company. The Company is a holding company of The Washington Trust Company, of Westerly (the Bank), a Rhode Island chartered commercial bank. The Company operates through two business segments: Commercial Banking and Wealth Management Services.